Tnuva selling property for $500 million
Owner of Israeli dairy company plans to sell assets via private investment bank. Property already sold includes Tel Aviv wholesale market, where prestigious residential, commercial center will be built
Tnuva dairy company will be selling its assets, Yedioth Ahronoth newspaper reported on Monday.
Apax, the company's controlling shareholder, announced that the $500 million deal will be handled by a private investment bank.
The decision to sell Tnuva's real estate came following Apax's decision to focus on the core of Tnuva's business, namely development of food products in Israel and abroad.
The proceeds of the transaction will enable Tnuva to make future acquisitions and investments in the field of the dairy and food industry.
Tnuva has assets throughout Israel, including complexes in Jerusalem, Haifa, Tel Aviv, Netanya, Rehovot and Hadera.
Tnuva's largest property to be sold so far is the Tel Aviv wholesale market, which was recently cleared for the construction a prestigious residential and commercial center.
Tnuva's second-largest asset is the Tel Aviv dairy farm, which was also cleared and will be replaced by a 50-story tower to be built on the site.
Another piece of land that has been sold is Tnuva's complex in Petah Tikva, on which 523 apartments and a business center will be built.
